Kganyago says commodity boom won't last, warns the government against complacency

Kganyago says commodity boom won't last, warns the government against complacency

2021-10-23 07:54:00 AM

Kganyago says commodity boom won't last, warns the government against complacency

SA’s economy, which slumped 6.4% and lost more than 1-million jobs in the wake of the Covid-19 outbreak, has got a breather from a surge in commodity prices

22 October 2021 - 19:19SA’s commodity boom, which is giving rise to demand for more spending, will burst like others before and the government should resist temptation to use it as a reason to delay fiscal consolidation, Reserve Bank governor Lesetja Kganyago said.

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“Don't adjust your spending thinking you are wealthier than you are,” Kganyago said on Friday during a virtual panel discussion that also involved Mexico’s former central bank governor Agustín Carstens and head of the US Federal Reserve Jay Powell. “The boom is not a permanent one.”..

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